Former HD Vest advisor Jerry Raines reportedly barred after 15 customer disputes regarding Woodbridge investments.
Have you suffered losses investing with Jerry Raines and HD Vest Financial Services? If so, the securities attorneys at The White Law Group may be able to help you recover your losses by filing a FINRA Arbitration.
According to the Financial Industry Regulatory Authority (FINRA), the regulator has barred financial advisor Jerry Raines from the securities industry.
On July 11, 2018, FINRA staff reportedly sent Raines a letter requesting documents and information, in connection with FINRA’s review of Raines’s participation in sales of notes related to the Woodbridge Group of Companies LLC, a group of unregistered investment companies.
As stated in his counsel’s phone call with FINRA staff, and by this agreement, Raines reportedly acknowledges that he received FINRA’s request and will not produce the documents and information requested. Consequently, he has been barred from the securities industry.
According to his FINRA BrokerCheck report, Jerry Raines was registered with HD Vest Investment Services in Kilgore, Texas from August 2014 through May 2017. The report also indicates that he has 15 pending customer disputes listed on his broker report. Allegations include unsuitable trades in Woodbridge investments, and misrepresentation and failure to due diligence in regards to Woodridge investments, among others.
As we told you in December, Woodbridge Group of Companies filed for Chapter 11 bankruptcy during the U.S. Securities and Exchange Commission’s investigation of possible fraudulent sales of securities, according to court documents.
The company raised nearly $1 billion from about 11,000 investors, according to documents filed in the U.S. Bankruptcy Court in Delaware.
For FINRA’s full findings, see FINRA case number 2018057494202.
Failure to Supervise
The White Law Group is investigating the liability that Raines’s employers may have for losses sustained by his clients. Brokerage firms are required to adequately supervise their agents to ensure they are complying with FINRA rules. If it is determined that the broker dealer failed to supervise their agent, they can be held responsible for losses in a FINRA arbitration claim.
If you suffered losses investing with Jerry Raines and Woodbridge Funds, the attorneys at The White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.
The foregoing information, which is all publicly available on FINRA’s website, is being provided by The White Law Group. The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on The White Law Group, please visit www.whitesecuritieslaw.com.